Moe/Evan Read this Article

[CW California]

FICO® Mortgage Recovery Initiative



This is some information on FICO Mortgage Recovery Initiative. I'm not entirely sure where this is leading but I highly suspect it will only benefit the banks and negatively affect our scores.

Seems like something to watch..........

[SillyWorld]

Yea Isaw that before was almost ready to apply, but since I am NACA was gonna wait, but yes it will let FICA know you are in trouble and will mark your credit..Hmmm

[calarizona]

Hmmm...I, for one, am real suspicious of that, especially after reading this paragraph under the heading "Solutions for Lenders and Servicers"

"Mortgage Response Analyzer
Identify the best methods for reaching your mortgage customers for maximum response and success. This service helps you match the optimal communication approach and message to each customer, in order to make your remediation campaigns more successful."

Translation: After we have lulled them into "click here to see if you qualify for a modification", we will capture, and transmit to you (and everyone else), every phone number, email, family, friend, neighbor, business contact, and shred of data we can, so that you can embark upon your agonizing and counter productive collection efforts designed to harass, embarass and intimidate the borrower into agreeing to whatever you throw at them.

That's the way I see it, but maybe I've just become a complete skeptic.

I know I had to change my phone number, so I could complete a sentence, or a thought without being interrupted by a collection call. They were all so squirrely, I had them calling multiple times per day when I was only 7 days late!!!

I have resorted to using a skype number. It doesn't ring, so they have to leave messages.

[MAXIE19]

"How does a mortgage modification affect someone's FICO score?
That depends on how the creditor reports the change to consumer reporting agencies. If it is reported as some version of "loan not paid as agreed," then the change could lower the borrower's credit risk score."

Interesting...... can we deduce from this that as long as we are correctly reported as current but on a modified payment plan, that there should be no impact on our scores.....

[CW California]

Originally Posted by calarizona

Hmmm...I, for one, am real suspicious of that, especially after reading this paragraph under the heading "Solutions for Lenders and Servicers"

"Mortgage Response Analyzer
Identify the best methods for reaching your mortgage customers for maximum response and success. This service helps you match the optimal communication approach and message to each customer, in order to make your remediation campaigns more successful."

Translation: After we have lulled them into "click here to see if you qualify for a modification", we will capture, and transmit to you (and everyone else), every phone number, email, family, friend, neighbor, business contact, and shred of data we can, so that you can embark upon your agonizing and counter productive collection efforts designed to harass, embarass and intimidate the borrower into agreeing to whatever you throw at them.

That's the way I see it, but maybe I've just become a complete skeptic.

I know I had to change my phone number, so I could complete a sentence, or a thought without being interrupted by a collection call. They were all so squirrely, I had them calling multiple times per day when I was only 7 days late!!!

I have resorted to using a skype number. It doesn't ring, so they have to leave messages.

I agree Calarizona. I had the same sense of it too. I don't like it. It's just another way to get around new laws that Congress has passed to reign in the credit card companies.


What's a skype?

[CW California]

Originally Posted by MAXIE19

"How does a mortgage modification affect someone's FICO score?
That depends on how the creditor reports the change to consumer reporting agencies. If it is reported as some version of "loan not paid as agreed," then the change could lower the borrower's credit risk score."

Interesting...... can we deduce from this that as long as we are correctly reported as current but on a modified payment plan, that there should be no impact on our scores.....

I don't know Maxie but I suspect they will find a way to screw us. I've remained current so far. As long as NACA is able to help me complete the modification we will see. I figure if my first modified payment is due 9/1, I should know by the middle of October and will pull all my reports again then. I pulled them the other day so I would have something to compare. On another note I suspect I will be hit harder by modifying the 2nd as it's with Citi and I've had a cc with them as well for more than 30 years.

[CW California]

"It is important to note that lenders may also look for other kinds of risk triggers that may indicate added risk. Such triggers might include: exceeding one’s credit card limit; excessive cash advances on credit cards; overdrawing checking accounts or bouncing checks; collecting unemployment; or owing on a home mortgage in an area where property values have dropped significantly. "

Isn't this considered a new form of red lining???